Stocks Market
Moroccan Treasury Records Zero Issuance in Jan 27 Auction Amid Rising Short‑Term Yields
The Moroccan Treasury announced that its January 27 bond auction resulted in no issuance, despite an offering of MAD 10.72 billion across 26‑week, 2‑year and 10‑year maturities. The “blank” outcome follows a rapid rise in short‑ and medium‑term yields earlier this year, putting pressure on the equity market and prompting participants to watch liquidity and longer‑dated bonds closely. Investors see the empty auction as an early sign of yield‑curve normalisation after months of volatility, while the market keeps an eye on the evolving conditions for medium‑ and long‑term Moroccan sovereign debt.
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Zero issuance in the Jan 27 Treasury auction
The Moroccan Treasury announced that no bonds were awarded during its January 27 auction, despite offering a total volume of MAD 10.72 billion. Bids were submitted for 26‑week, 2‑year and 10‑year maturities, but none were accepted.
This “blank” result follows a rapid upward adjustment of yields at the start of 2026, especially in the 2‑year and 5‑year segments. Since the beginning of January, the 2‑year rate has climbed more than 20 basis points, while the 5‑year rate is up roughly 16 bp. The move has spilled over into the secondary market and put pressure on equities, which lost ground during the week.
Market participants view the empty auction as a sign that the yield curve is beginning to normalise after the earlier volatility. Their attention now turns to liquidity conditions and the performance of medium‑ and long‑term bonds.